Treasury's New Plan - 4.5% Mortgage Rates

re: Treasury's New Plan - 4.5% Mortgage Rates

Mark Peterson — Sun, 19 Apr 2009 14:13:49 GMT

I am a consumer with an existing home loan. The house is worth about 800K, and I owe about 270K on it. The current loan is a fixed 30 year @ 5.25%. My monthly payment is about $1,700. I've been keeping my eye on the current ratesd waiting for them to get into the 4.5s. I'd like to refinance lower my monthly payment, and maybe take some cash out. Does this make sense for me to do?

re: Treasury's New Plan - 4.5% Mortgage Rates

issac ramirez — Fri, 19 Dec 2008 18:12:25 GMT

This rate would be for 1st time homebuyers only not for investors or rental properties. The reason we are in this mess is becuase of the subprime mortgage market extending loans to anybody with a pulse and thier dog.This was the result of unscrupolous lenders and ignorant homebuyers who had no idea how real estate or loans work. and then refinancing thier homes using it like ATM machine.

re: Treasury's New Plan - 4.5% Mortgage Rates

Carl Cantrell — Mon, 08 Dec 2008 20:53:45 GMT

I have 28 customers pre approved to purchase a home...now they want to wait for the 4.5% rate! Amazing...

re: Treasury's New Plan - 4.5% Mortgage Rates

Calan DeWald — Thu, 04 Dec 2008 23:58:51 GMT

Adam- I think you're thinking conventional vs. FHA, rather than conforming which refers to the borrower. I think anyway...

re: Treasury's New Plan - 4.5% Mortgage Rates

Scott Belloma — Thu, 04 Dec 2008 16:46:56 GMT

This would be a decrease for fixed rate mortgages. The behavior that caused people to get too much home was the interest only and ARM's. This would be a great idea, but has to be for refinances and purchases both.

re: Treasury's New Plan - 4.5% Mortgage Rates

Charles P. — Thu, 04 Dec 2008 15:56:56 GMT

Isn't this the sort of behavior that got us here in the first place, lowering interest rates so buyers can afford more house. Yes, let's make the housing bubble even bigger.

re: Treasury's New Plan - 4.5% Mortgage Rates

Adam — Thu, 04 Dec 2008 15:36:04 GMT

Highly unlikely. So you are going to give super rates for people purchasing homes and still screw the people in their current homes already. This doesn't even make any sense. All these ideas with no actual concept of how the mortgage industry really works. Conforming mortgages sponsored by FHA. Conforming rates and FHA rates are completely different. This sounds like a debacle.